Section 14(5) in The Merchant Shipping (Registration of Indian Fishing Boats) Rules, 1988
(5)When the mortgage debt is fully discharged, the registrar shall, after satisfying himself that the receipt endorsed on the mortgage instrument is in order and that it is properly witnessed and where the mortgage is by a company or a co-operative society, also that a memorandum of satisfaction has been entered in the register of changes under section 138 of the companies Act, 1956 or, as the case may be, under the Co-operative Societies Act, 1912, make an entry in the register relating to the discharge of the mortgage.
